Newark USDA Loans

NEWARK, NJ-PA

USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

Newark's 39 lenders originated 84 USDA loans during 2021. The total origination value was $19,750,000, with an average USDA loan value of $235,119.

Newark USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Newark averaged 4.58% for the week of 2022-03-25, compared to the national average (all USDA variants) of 4.554% for the same period.

The average rate for the prior week (2022-03-18) was 4.2% and one month ago for the week of 2022-02-18, the average rate was 4.11%.

The average rate one year ago was 3%.

For refis of the same type during the week of 2022-03-25, the average rate was 4.56%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Newark USDA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Newark level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
HOME POINT FINANCIAL CORPORATION 8 2.59% $9,289
Summit Mortgage Corporation 6 2.65% $6,595
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 2.94% $7,281
FAMILY FIRST FUNDING LLC 5 3.03% $8,109
MOVEMENT MORTGAGE, LLC 5 3.00% $5,933
SWBC MORTGAGE CORPORATION 4 3.25% $3,126
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 2.94% $7,570
MILLENIUM HOME MORTGAGE, LLC 4 2.44% $6,091
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 3.00% $5,963
Bank of England 2 3.00% $8,518
SUCCESS MORTGAGE PARTNERS, INC. 2 3.31% $7,459
NJ LENDERS CORP. 2 2.50% $5,336
NEWREZ LLC 2 2.38% $9,447
NATIONWIDE MORTGAGE BANKERS, INC. 2 3.06% $8,389
ABSOLUTE HOME MORTGAGE CORPORATION 2 3.38% $7,579
LOANDEPOT.COM, LLC 1 3.25% $6,532
MLD MORTGAGE INC. 1 2.25% $8,829
MORTGAGE ACCESS CORP. 1 3.25% $6,023
Northpointe Bank 1 2.88% $7,013
Paramount Residential Mortgage Group, Inc. 1 3.00% $5,495
PENNYMAC LOAN SERVICES, LLC 1 2.75% $5,291
Plains Commerce Bank 1 2.75% $6,851
Republic Bank 1 2.75% $8,035
UNITED WHOLESALE MORTGAGE, LLC 1 2.75% $9,641
Wells Fargo Bank 1 2.25% $13,779
Acre Mortgage and Financial Inc 1 3.63% $7,007
ALLIED MORTGAGE GROUP, INC. 1 3.38% $8,719
CALIBER HOME LOANS, INC. 1 2.25% $5,303
CROSSCOUNTRY MORTGAGE, LLC 1 3.38% $6,530
EMM LOANS LLC 1 2.75% $5,951
EVERETT FINANCIAL, INC. 1 3.13% $8,686
Financial Freedom Mortgage, LLC 1 3.38% $8,706
First Guaranty Mortgage Corporation 1 3.13% $6,025
Gateway First Bank 1 3.00% $7,700
GREENWAY MORTGAGE FUNDING CORP. 1 2.88% $5,024
GUARANTEED RATE AFFINITY, LLC 1 2.63% $6,190
GUARANTEED RATE, INC. 1 2.38% $7,351
Hometown Equity Mortgage, LLC 1 2.75% $6,305
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 1 2.25% $6,497

The top Newark USDA lender as defined by loan originations is HOME POINT FINANCIAL CORPORATION, with 8 USDA loans originated. Their average total fees are $9,289, which is $2,694 higher than the next largest lender, Summit Mortgage Corporation.

The lowest fee Newark USDA lenders (with over 10 loans originated) are .

The lowest rate Newark USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Newark (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $479,990 (11.9%) $1,120,433 (11.2%) 1.77 57,187
2018-02-01 $499,950 (11.9%) $1,143,135 (8.6%) 1.80 60,843
2018-03-01 $520,000 (13.3%) $1,127,161 (6.0%) 1.80 64,252
2018-04-01 $534,450 (12.5%) $1,117,910 (-0.1%) 1.79 69,662
2018-05-01 $549,000 (11.1%) $1,125,466 (1.1%) 1.83 76,071
2018-06-01 $549,000 (10.9%) $1,100,381 (0.9%) 1.83 79,722
2018-07-01 $549,000 (12.3%) $1,089,758 (2.1%) 1.83 80,369
2018-08-01 $532,450 (11.0%) $1,037,144 (-2.0%) 1.78 79,480
2018-09-01 $535,000 (10.3%) $1,040,837 (-2.6%) 1.79 80,337
2018-10-01 $538,312 (10.2%) $1,047,397 (-1.4%) 1.80 80,917
2018-11-01 $535,000 (10.3%) $1,059,739 (0.1%) 1.79 78,103
2018-12-01 $525,000 (9.4%) $1,060,260 (-0.8%) 1.80 70,729
2019-01-01 $520,000 (8.3%) $1,060,952 (-5.3%) 1.79 65,203
2019-02-01 $528,500 (5.7%) $1,068,687 (-6.5%) 1.77 67,311
2019-03-01 $540,714 (4.0%) $1,081,156 (-4.1%) 1.76 71,501
2019-04-01 $556,500 (4.1%) $1,091,209 (-2.4%) 1.75 76,385
2019-05-01 $569,500 (3.7%) $1,091,152 (-3.1%) 1.76 82,849
2019-06-01 $569,000 (3.6%) $1,083,706 (-1.5%) 1.75 85,761
2019-07-01 $559,500 (1.9%) $1,066,914 (-2.1%) 1.74 84,579
2019-08-01 $553,989 (4.1%) $1,045,028 (0.8%) 1.74 82,599
2019-09-01 $550,461 (2.9%) $1,041,042 (0.0%) 1.75 80,488
2019-10-01 $558,028 (3.7%) $1,070,885 (2.2%) 1.78 80,248
2019-11-01 $550,000 (2.8%) $1,081,547 (2.1%) 1.77 75,510
2019-12-01 $553,528 (5.4%) $1,114,237 (5.1%) 1.85 65,625
2020-01-01 $549,000 (5.6%) $1,113,984 (5.0%) 1.83 59,940
2020-02-01 $559,900 (5.9%) $1,115,474 (4.4%) 1.81 61,312
2020-03-01 $569,450 (5.3%) $1,116,442 (3.3%) 1.78 63,346
2020-04-01 $580,000 (4.2%) $1,187,911 (8.9%) 1.81 61,178
2020-05-01 $579,000 (1.7%) $1,135,762 (4.1%) 1.75 58,452
2020-06-01 $589,500 (3.6%) $1,136,559 (4.9%) 1.72 61,210
2020-07-01 $599,500 (7.2%) $1,149,009 (7.7%) 1.72 64,394
2020-08-01 $635,000 (14.6%) $1,227,096 (17.4%) 1.81 66,679
2020-09-01 $644,450 (17.1%) $1,236,828 (18.8%) 1.84 67,133
2020-10-01 $655,360 (17.4%) $1,300,695 (21.5%) 1.87 68,637
2020-11-01 $649,000 (18.0%) $1,284,039 (18.7%) 1.86 65,676
2020-12-01 $649,450 (17.3%) $1,317,463 (18.2%) 1.90 57,196
2021-01-01 $649,000 (18.2%) $1,356,030 (21.7%) 1.91 49,631
2021-02-01 $649,108 (15.9%) $1,370,351 (22.9%) 1.87 46,629
2021-03-01 $648,500 (13.9%) $1,361,646 (22.0%) 1.82 46,573
2021-04-01 $649,694 (12.0%) $1,374,697 (15.7%) 1.75 48,615
2021-05-01 $649,000 (12.1%) $1,356,538 (19.4%) 1.71 51,469
2021-06-01 $640,060 (8.6%) $1,320,359 (16.2%) 1.66 54,695
2021-07-01 $622,500 (3.8%) $1,276,979 (11.1%) 1.62 55,033
2021-08-01 $627,000 (-1.3%) $1,376,032 (12.1%) 1.65 57,049
2021-09-01 $631,868 (-2.0%) $1,410,300 (14.0%) 1.66 56,921
2021-10-01 $639,000 (-2.5%) $1,439,479 (10.7%) 1.68 57,262
2021-11-01 $655,000 (0.9%) $1,557,436 (21.3%) 1.73 54,263
2021-12-01 $664,000 (2.2%) $1,631,077 (23.8%) 1.77 46,763
2022-01-01 $675,000 (4.0%) $1,713,536 (26.4%) 1.80 40,031
Newark's median listing price for 2022-01-01 was $675,000, a difference of $26,000 (4.0%) versus the prior year and $11,000 versus the prior month.

Newark's median listing price comes in at 180% of the national average.

Newark's average listing price for 2022-01-01 was $1,713,536, a difference of $357,506 (26.4%) versus the prior year and $82,459 versus the prior month.

For the 2022-01-01 period, Newark had 40,031 MLS listings, a difference of -6,732 listings (-14%) versus the prior month and -9,600 listings (-19%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Newark (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 90 days 1,926 sqft
2018-02-01 82 days 1,910 sqft
2018-03-01 58 days 1,900 sqft
2018-04-01 56 days 1,918 sqft
2018-05-01 52 days 1,923 sqft
2018-06-01 53 days 1,944 sqft
2018-07-01 63 days 1,959 sqft
2018-08-01 67 days 1,950 sqft
2018-09-01 71 days 1,932 sqft
2018-10-01 69 days 1,912 sqft
2018-11-01 70 days 1,888 sqft
2018-12-01 82 days 1,872 sqft
2019-01-01 88 days 1,847 sqft
2019-02-01 82 days 1,850 sqft
2019-03-01 57 days 1,887 sqft
2019-04-01 52 days 1,931 sqft
2019-05-01 52 days 1,935 sqft
2019-06-01 57 days 1,964 sqft
2019-07-01 64 days 1,960 sqft
2019-08-01 72 days 1,952 sqft
2019-09-01 71 days 1,932 sqft
2019-10-01 67 days 1,924 sqft
2019-11-01 66 days 1,872 sqft
2019-12-01 84 days 1,854 sqft
2020-01-01 92 days 1,845 sqft
2020-02-01 77 days 1,860 sqft
2020-03-01 56 days 1,881 sqft
2020-04-01 56 days 1,872 sqft
2020-05-01 74 days 1,860 sqft
2020-06-01 77 days 1,888 sqft
2020-07-01 49 days 1,812 sqft
2020-08-01 45 days 1,734 sqft
2020-09-01 50 days 1,690 sqft
2020-10-01 49 days 1,645 sqft
2020-11-01 63 days 1,635 sqft
2020-12-01 75 days 1,588 sqft
2021-01-01 85 days 1,536 sqft
2021-02-01 84 days 1,515 sqft
2021-03-01 60 days 1,510 sqft
2021-04-01 49 days 1,514 sqft
2021-05-01 44 days 1,532 sqft
2021-06-01 45 days 1,550 sqft
2021-07-01 50 days 1,568 sqft
2021-08-01 49 days 1,547 sqft
2021-09-01 49 days 1,528 sqft
2021-10-01 53 days 1,504 sqft
2021-11-01 57 days 1,494 sqft
2021-12-01 68 days 1,449 sqft
2022-01-01 79 days 1,410 sqft
Newark's median listing age (time on market) for 2022-01-01 was 79 days. This is -7% shorter than the same period one year ago.

Newark's median square footage for active listings during the 2022-01-01 period was 1,410 sqft. One year prior, the average listing was 1,536 sqft.